NextNRG Enters into $7,000,000 Debt Exchange to Strengthen Stockholders’ Equity
Key Highlights
- ➤$7 million debt exchange cancels NextNRG obligations owed to CEO Michael D. Farkas
- ➤7,000 Series D preferred shares issued at $1,000 initial stated value
- ➤Exchange strengthens stockholders’ equity but alone does not satisfy Nasdaq’s $2.5 million requirement
- ➤1-for-10 reverse split became effective October 30 to address Nasdaq’s $1.00 bid-price rule
- ➤NextNRG awaits Nasdaq Hearings Panel decision on continued listing compliance
MIAMI, FL, Nov. 03, 2026 (GLOBE NEWSWIRE) -- NextNRG, Inc. (NASDAQ: NXXT) (“NextNRG” or the “Company”), a pioneer in AI-driven energy innovation transforming how energy is produced, managed and delivered, today announced that it has entered into a debt exchange agreement with Michael D. Farkas, the Company’s Chief Executive Officer, under which $7,000,000 in outstanding notes, accrued interest and personal guarantee fees owed to Mr. Farkas will be exchanged for 7,000 shares of newly designated Series D Convertible Voting Preferred Stock with an initial stated value of $1,000 per share.
The exchanged obligations consist of $3,629,924 in outstanding principal, $2,749,169 in accrued interest and $620,907 in accrued personal guarantee fees. Upon closing and issuance of the Series D Preferred shares, these obligations will be satisfied and cancelled in full.
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